Reverse Mortgage
Using A Reverse Mortgage To Purchase
September 29, 2011 by Financemyhome · Leave a Comment
With some of the major lenders leaving the reverse mortgage business-possibly just on a temporary basis-you might find it more difficult to find a lender offering the program. At the same time, it is worth your time to look. If you are 62 years old and have approximately 50% equity in a home, you can obtain a reverse mortgage. You can use this loan for a purchase as well. So, if you put down 50% of the value of the home, you can obtain a reverse mortgage. Remember, the reverse mortgage doesn’t have a monthly payment associated with it. While you are still responsible for the taxes and insurance, you pay off your loan when you sell the home. The attached PDF will give you some examples of how much is required to buy a home using a reverse mortgage at various age groups. This is a unique opportunity for seniors to consider, especially if they are on a fixed income.
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Reverse Mortgage
Reverse Mortgage Purchase For MN Seniors
April 26, 2010 by Financemyhome · Leave a Comment
Yes IT IS being done!! A reverse mortgage purchase using the FHA HECM loan. We’re doing them at Venture Development. We put together a power point on it for your review. http://www.slideshare.net/mnguru/reverse-mortgage-purchase-senior-mortgage This is another interesting way that homes can be sold and buyers can achieve a housing payment that works for them.
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